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What is an Insurance Farm Pack?
Having insurance for your farm is important. There are so many variables to consider when you are thinking about your Farm and how to ensure that it is adequately covered by your insurance. Whether it is a beef, sheep or grain farm, a Farm Insurance Pack can provide your insurance coverage.
What is included in an Insurance Farm Pack?
A Farm Insurance Pack or more commonly known as a Farm Pack, can enable you to group together all the insurances that you require for your farm. With a Farm Pack, different types of insurance can be included to provide coverage for your home and contents, farm property, motor vehicles and liability requirements. One benefit of a Farm Insurance Pack is that all these different insurances can be included and that your Farm Insurance Pack can be tailored to suit the unique specific requirements of your farm.
Can the size of your farm impact your Farm Insurance Pack?
Hobby Farms, typically are between 20-80 hectares in size and have an annual turnover of between $15-$50k per year. If your farm is bigger than 80 hectares, then you need to make sure that your insurance reflects the size of your farm.
Do farm insurance packs change over time?
Yes, whilst Farm Packs have been around for a while, over time the different policy benefits may fluctuate and the sub-benefits might have changed. It is worth reviewing what the inclusions are on your Insurance Farm Pack. For example, sometimes, a farmer may assume that their livestock is covered whilst in transit between their different farms and transported on their vehicles, however, this is not always the case. Some Farm Packs include "automatic transit cover" and others don't.
What are the benefits of a Farm Pack?
Here are few benefits you gain through having a farm pack: All your different insurances for your Farm can be included in a Farm pack. Your Farm Pack should be tailored to suit the specifics of your Farm. One place, one package, one insurer. Consolidating your farm insurance into a farm pack streamlines the management of your insurance policies. A major benefit of a farm pack comes at claim time, if there is one event then you pay the one excess vs the numerous excesses from multiple discrete insurance policies and insurers. Farm Packs can be more competitive but you need to talk to someone to work out your scenario. Talk to a specialist insurance broker about your specific farm insurance requirements.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Abbie Wilson, National Insurance Brokers, ABN 22165146789, AFSL 233750
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